NEW YORK, July 26, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance group, part of the CIT division, provided $20.5 million toward the acquisition of the Forsyth Physicians Center.
The borrower is a joint venture led by Anchor Health Properties. Forsyth Physicians Center is a 92,000 RSF, Class A, multi-tenant medical office building and ambulatory surgery center located within the Cumming, GA submarket of the Atlanta MSA. Resurgens Orthopaedics serves as the anchor tenant. The property is conveniently located adjacent to the Northside Hospital Forsyth, an acclaimed women's health center and national leader in maternity services.
"We are pleased to acquire this top-tier medical office building in an attractive location near other major medical facilities as we continue to build our portfolio," said James Schmid, Chief Investment Officer of Anchor Health Properties. "We appreciated the industry knowledge and expertise of First Citizens Bank's Healthcare Finance team in arranging this financing."
"Anchor Health Properties is well known and well regarded across the industry for acquiring and operating outstanding medical office properties," said William Douglass, managing director and group head for Healthcare Finance.
"Our long experience in the nationwide medical office building market enables us to provide Anchor Health Properties and other clients with the tailored financing they need to acquire desirable properties and grow their business," said Steven Reedy, a managing director in Healthcare Finance.
Healthcare Finance, part of First Citizens' CIT division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
About Anchor Health Properties
Anchor Health Properties is a national, full-service healthcare real estate development, management, and investment firm serving investors and health systems. Leveraging our collective experience and resources, our nimble, and thoughtful team of professionals develop and deliver tailored, client-specific solutions to respond to today's healthcare challenges – thinking outside the "medical office box." With more than $2B of completed development projects, 9M square feet under management, and $3.2B invested in stabilized healthcare facilities, Anchor continues to create a better healthcare experience for patients and a competitive edge for our clients. Anchor maintains multiple offices nationwide and features more than 100 professionals in its ranks. Healthcare today calls not only for new and more efficient ways of delivering healthcare services, but also a different kind of healthcare real estate company. For more information, please visit: www.anchorhealthproperties.com.
SOURCE First Citizens Bank